JUNO BEACH, Fla., May 16 /PRNewswire/ -- Florida Power & Light Company
reported today that the Florida Public Service Commission yesterday approved
the recommendation of its staff to begin initial filings as part of a full
base rate proceeding.
FPL will be required to provide financial information to the PSC staff by
August 15.
"We are disappointed that the Commission decided to initiate a rate
proceeding to review FPL's rates. This action is a step back from incentive-
based regulation to the time-consuming and costly rate proceedings of years
past," said Paul Evanson, FPL president.
"We believe our current three-year revenue-sharing agreement, which still
has one year to run, has already provided significant savings of more than
$800 million for our customers. Embarking on a collaborative process aimed
toward a new incentive-based agreement would have yielded far better results
for our customers," he said.
Rates have been reduced by more than $350 million a year for three years,
and customers share the majority of revenues exceeding specific levels
($22.8 million in 2000 and approximately $105 million in 2001). The agreement
also provides incentives for FPL to continue to reduce operations and
maintenance expenses.
In a motion filed with the PSC on Friday, FPL, Florida Power Corporation
and Tampa Electric Company requested that the Commission open a separate
generic docket to address issues related to their participation in a regional
transmission organization (GridFlorida). The companies are forming the RTO in
response to the Federal Energy Regulatory Commission Order 2000. The
Commission deferred consideration of the utilities' motion.
"Without resolution of the PSC's concerns associated with GridFlorida, the
participants will re-evaluate the timing and developmental plans for the RTO,"
said Mr. Evanson.
Florida Power & Light Company is the principal subsidiary of FPL Group,
Inc. (NYSE: FPL), one of the nation's largest providers of electricity-related
services with annual revenues of more than $7 billion. The company serves
approximately 3.9 million customer accounts in Florida. FPL Energy, LLC, FPL
Group's U.S. and international energy-generating subsidiary, is a leader in
producing electricity from clean and renewable fuels. Additional information
is available on the Internet at http://www.fpl.com.
SOURCE Florida Power & Light Company
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Related links:
http://www.fpl.com
http://www.fplgroup.com
CONTACT:
Florida Power & Light Company Corporate
Communications Media Line, 305-552-3888
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